Watch the video to learn how to do rental income adjustments/offsets in Finmo.
How to enter Subject property rental income
Click into the deal you would like to work on, and open the "Application" on the left menu.
At the top of the screen click on "Calculator"
3. Select the "Qualifying details" tab
4. Select your preference in the "Subject rental income' field from the drop down menu
5. Enter the "Subject rental inclusion" percentage and
6. Save changes
How to enter Non-subject property rental income
Click into the deal you would like to work on, and open the "Application" on the left menu.
At the top of the screen click on "Calculator"
3. Select the "Qualifying details" tab
4. Select your preference in the "Non-subject rental income' field from the drop down menu. If there is more than one property you will see the address listed.
5. Enter the "Non-subject rental inclusion" percentage and
6. Save changes
General information
Adding a percentage to gross income takes whatever percentage you input and adds it to Gross income. Just like adding "other" income.
Reducing rental expenses and adding the balance to gross income
In simple terms, reducing rental expenses means taking away the cost of the rental property, and adding the balance to your gross income, which means counting the money you have left after all the expenses are paid. If there is a positive balance, that helps the application, if a negative balance it does the application no favours.
Should you have any questions, please click the chat bubble or email support@finmo.ca